The objective of a not-for-profit organization is to provide services to the public.

a. True

b. False

The concept of inter-period equity refers to whether:

a. Revenues equaled or exceeded expenditures for the year.

b. Current year revenues were sufficient to pay for current year services.

c. Total assets (current and noncurrent) were sufficient to cover total liabilities (current and noncurrent).

d. Future taxpayers can expect to receive the same or higher level of services as current taxpayers.

Which of the following organizations would most likely meet the criteria to be classified as a governmental not-for-profit organization?

a. A religion-affiliated university.

b. A privately founded museum.

c. A public school district.

d. A city-administered community service agency.

A fund is a separate set of accounts used to account for resources segregated for a particular purpose

a. True

b. False

Special purpose governments differ from general purpose governments in that special purpose governments:

a. Provide a single function or limited range of functions.

b. Do not have the power to levy taxes.

c. Derive their power from state governments.

d. All of the above.